Steemit is somewhat of an oligarchy these days, those that wielded the Steem Guild self voting power back in the day are the current whales of today due to 'the experiment'. It appears that their George Orwell 'Animal farm' rhetoric is as strong today as it was back then. What I really don't like however is how these slimy individuals have transitioned into providing trading and technical analysis posts. That’s where I draw a line and have to speak up.
It's one thing to write 10 posts about random movie reviews, aurababies and holes - but to provide advice about trading in the markets when you both clearly have no idea what you're talking about is so morally wrong. Do you not have any respect or even shame for the influence you wield to those you share your information with?
These are followers and individuals that think you know what you're talking about due to the shady auto votes you get on your posts, people that put money on the line due to things you say. It's disgusting.
When I first began writing this I was in the mindset of offering a cautionary tale, to not give authority to someone merely due to the rewards they gained on Steemit. How trading was difficult… and you should take anything presented to you with a pinch of salt. As I dug a little deeper into the two authors mentioned above I found a much more sinister story…
Recently @jrcornel and @gavvet have been releasing multiple highly rewarded posts on the subject of steem price analysis. Their qualifications or experience in this area… I don’t know. Here's one of the images…
A bunch of random circles and lines. Zero context and some kind of authoritative sounding analysis of price.
I was pretty confused when I saw these posts getting rewarded, but then I realised anything that @jrcornel and @gavvet posts get rewarded regardless of quality.
WHY?
Both of these individuals were part of the SteemGuild a 'guild' apparently focused on bolstering authors that had done well in the past, so they keep posting. However it quickly became corrupt with @gavvets nepotisim showing, upvoting every single post of his son @dragonslayer109 and his own posts along with everything from @jrcornel.
Why am I even bothering to post?
Both of these guys are slimy, reward sucking fake interacting scammers… that’s not my issue though. My issue is that they're talking about trading without any experience to milk more rewards. However at the same time they are spreading misinformation to people that have little to no experience in the markets. I don't want to see people listening to them and losing money.
I'm throwing the gauntlets off… let's have a trading/markets competition organised by an unbiased third party.
Put your reward sucking teats where your mouth is. Let's play a game!
Compete with someone that actually trades the markets for a living.
Absolutely brilliant Brian :P
Well if there is some kind of steem power gang here I will stop promoting this platform. The community should resolve this. If you are upvoting someone two much then maybe you are "affiliated" with him? This needs to go
Maybe this is just how people interact?
About 60 people hold 90% of a currency ... charts and lines become obsolete because the degree of confidence is trended to zero. Ask the for a measure of Standard Deviation on their lines of regression and they will either stare back blankly or go puce.
This might help explain a little reality: Steem Price
Perhaps in certain crypto coins. However technical analysis is a good tool to use. My issue is that both of these guys have taken random technical analysis out of context and added in a bunch of fluff - solely to pump out a post because they know they'll get votes for it.
Slimy snakes
Yes but if there are only 113 accounts in the market, the application of technical analysis loses any integrity - it is about sample size, rather than whether analysis techniques are any good.
If there has been an effective removal of over 40% of the commodity being traded, the chance of that portion which has been removed is the biggest influence other than the current scarcity.
As for hijacking a red pen and scribbling on charts ... I have seen worse on steemit!
What I am saying is that their analysis is probably better than some whizz from GS or DB could produce
Namaste.
Ok this is fun lets chat :)
I agree with what you're saying within certain contexts.
But that's exactly what trading is about... applying some silly charts and lines to a context. The context you explained is one of the few where it wont work.
Other contexts, other situations, TA works well, you're right in highlighting the context though.. completely (albeit from more negative 'this doesn't work perspective')
My criticism of the reward pool sucking amateurs was exactly that, zero understanding of the context. So thanks for the nudge :P
Namaste, @wingz - I do believe that you get it!
Let's grab a bunch of currencies and develop exotics - that is what all these things need - imagine the swings in those - would make a rollercoaster look flat!
Have you traded before, a genuinely good question. I hope we can talk more over steemit chat or discord :)
I have traded but it is not really my gig - I got quite close to several systems a few years ago - the MT4 stuff. It is a curious world
You always have to be aware of such practice ANY time money is involved and it's a shame.
Please take any price analysis, top trending post on Steemit for what it most likely is... bullshit
Then look for some of the very few posters who provide actual context, actual TA information without an ulterior motive, the only ones ive personally seen have come from ats-david and quickfingersluc.
Oh wow, that was the actual image used?
At least in my post about trading I make it clear that I have no insights on the development and that it is a wild guess about future price movements based on the history of others prior.
What does the "RUN" even mean there?
Also wtf is this BS.... who draws an uptrend line on the top of the price action...
Okay, lol.
Those some fine details, bro.
Let me know what you think of my "transparent trading and investing" post I wrote recently about golos. Just a broad view on price and mostly just hodling tactic is what I advise readers.
If you have time to give it a read.
I'll check it out
Absolutely nothing :P
On the surface it's just nonsense fluff technical analysis. When you dig a little deeper, its scammy shitposts to extract as much money out of steemit as possible.
That's Steemit!
This is the kid, calls me 59 days in a row, wants to be a player. There ought to be a picture of you in the dictionary under persistence kid.
Thanks!
Problem is people auto voting or voting without reading...
@wingz good idea with the trading challenge.
I thinking a lot of time about a way to make such a competition fair and transparent. My last idea was that every participant sents for every trade a steem-transfer to the competition account (for instance @tradingchallenge) and either a bot behind this account routes the orders to bittrex or poloniex OR the trade is only executed virtually (bot takes current prices from an exchange and simulates the trade)
Sounds like something that should be developed! If you can pull it off I think something like that would be loads of fun :P
I will think about it, but will take some weeks/months for me to build it. Maybe we can start 1st Januar 2018 :-)